Three days after the appeal hearing, Ms. Nguyễn Thị Như Loan was handed back the CEO seat at Quốc Cường Gia Lai (HoSE: QCG) by the board of directors. The company she takes over reported first-half profit that came from selling hydropower plants, a core business that is losing money, and a VND 256 billion deposit paid in connection with the case, whose treatment is still unresolved. On the numbers, this is a story about the balance sheet more than about who sits in the chair.
What the October 12 resolution changes
Under the board resolution dated October 12, 2026, which QCG has disclosed, the company's legal representative changes from Mr. Nguyễn Quốc Cường, the former CEO, to Ms. Nguyễn Thị Như Loan as CEO. Mr. Lại Thế Hà, Chairman of the board, was tasked with filing the change with the business registration authority. The resolution is effective from the date of signing.CafeF
Ms. Loan is the founder and the largest shareholder. According to the annual report released in April 2026, she holds nearly 102 million shares, or 37.05% of charter capital.CafeF At that stake, her return does not change who controls the company. What changes is who signs off on day-to-day decisions, and that person is now also the biggest shareholder. Mr. Cường left with a letter posted on his personal page, in which he acknowledged that results "still did not fully meet shareholders' expectations".Thanh Niên
From the case to the trading floor
In July 2024, Ms. Loan was prosecuted and detained in a case involving the 39-39B Bến Vân Đồn land plot in Ho Chi Minh City. Three days later, the board appointed Mr. Cường as CEO and moved the legal representative role to him. Investigators found the case caused losses to the State of more than VND 542 billion.Tuổi Trẻ
The first-instance ruling of April 10, 2026 by the Ho Chi Minh City People's Court gave Ms. Loan an 18-month suspended prison sentence. At the appeal hearing on October 9, 2026, the appellate court of the Supreme People's Court in Ho Chi Minh City rejected a request for exemption from punishment and changed the sentence to 11 months and 18 days of non-custodial reform.CafeF After deducting 116 days of detention, the court found she had already served the sentence. According to Dân trí, all consequences of the case have now been remedied.Dân trí
The stock moved in both directions over three sessions. On October 9, the day of the appeal ruling, QCG rose 4.64% to VND 10,150. On October 12 the price was unchanged. On October 13, when the press reported the resolution, the stock fell 4.33% to VND 9,710, giving back almost the entire gain. It is hard to say how much of the drop reflects the management change, since QCG trades thinly and the decline may simply be profit-taking after the rise. Against VND 11,150 on August 28, the price is about 12.9% lower.
Where first-half profit came from
The H1 2026 consolidated financial statements show figures moving in opposite directions. Net revenue was only VND 81 billion, down 67% year on year, and operating profit was negative VND 15 billion.Tuổi Trẻ Yet profit after tax reached VND 182 billion, more than 18 times the same period of 2025.
The gap did not come from selling homes. The company explained that profit rose thanks to income from transferring hydropower plants, and according to Dân trí these were three hydropower projects whose transfers have been completed.Dân trí An asset sold produces a gain only once. With the plants in other hands, the company will not have this income in coming quarters to offset the real estate segment.
Set against the plan, the gap is wider. The 2026 shareholders' meeting set a full-year revenue target of VND 2,403 billion.CafeF Six months in, the company has booked VND 81 billion, under 4% of the target. The rest depends on real estate projects clearing the paperwork to hand over units and record revenue in the second half.
The VND 256 billion awaiting a ruling
This is the figure holders of QCG should watch most closely. According to the half-year report, as of June 30 the company had deposited VND 256 billion with the authorities in connection with the case, up from VND 100 billion at the start of the year.Tuổi Trẻ The company books this amount as a receivable, meaning it treats the money as recoverable, not as an expense.
The deposit is backed by interest-free financial support agreements. The company does not have to repay that support until the ruling takes legal effect. The report also states that the first-instance ruling did not set QCG's specific financial obligations, and that the company will assess the impact once there is an appellate ruling or a formal decision from the competent authority.Tuổi Trẻ
That point has now arrived. Under the Criminal Procedure Code, an appellate ruling takes legal effect from the day it is pronounced, which here is October 9. Two accounting questions remain open:
- The VND 256 billion receivable: whether it stays as is, is partly recovered, or must be converted into an expense. If booked as an expense, it would exceed the entire VND 182 billion of first-half profit after tax.
- The interest-free financial support: payable only once the ruling takes effect, and how it will now be repaid.
As of October 13, the company had issued no document answering either question, and this article does not predict the outcome.
Phước Kiển and the obligations that remain
Beyond the Bến Vân Đồn case, Ms. Loan takes back a far larger obligation. According to Dân trí, the total QCG must refund under purchase and sale commitment contracts for the North Phước Kiển project is about VND 2,882.8 billion. By the time of the half-year report, the company had repaid VND 1,411.4 billion cumulatively, leaving about VND 1,471.4 billion. The executive board expects to repay the remainder within 2026, using operating cash flow, other lawful financing sources and personal financial support commitments.Dân trí
On the asset side, the company still carries about VND 5,404.8 billion of work in progress for the project.Dân trí Recovering the project was a goal Mr. Cường stressed at the 2026 shareholders' meeting, when management called 2026-2028 a pivotal period for restructuring.CafeF That task now falls to Ms. Loan.
The balance sheet shows the time pressure. As of June 30, short-term liabilities exceeded short-term assets by about VND 884 billion.Dân trí Borrowings and finance lease liabilities to related parties stood at more than VND 773 billion, down from more than VND 880 billion at the start of the year. Management judged that the company can meet obligations as they fall due, so the half-year report was still prepared on a going-concern basis. That judgment rests on a cash flow plan, and the cash flow plan leans heavily on personal support.
What QCG holders should track
Quốc Cường Gia Lai is, for now, a company living off asset sales to meet its obligations, not one that generates cash from selling homes. Ms. Loan's return removes one uncertainty about who runs the company. Two uncertainties about money remain.
The upcoming Q3 financial statements will be the first document that has to reflect the appellate ruling. If the VND 256 billion receivable stays unchanged, the company still expects to get the money back. If it shrinks alongside a new expense line, nine-month cumulative profit will be pulled down by the same amount. In the same report, if the remaining Phước Kiển payable shrinks from VND 1,471.4 billion, the plan to repay in full within 2026 is on track. If that figure stays flat, recovering the project will take longer, no matter who holds the CEO seat.